Reinsurance News
COVID-19 news
News about the impact of the global COVID-19 coronavirus pandemic and how it affected insurance and reinsurance markets.
Fitch removes Lloyd’s from Rating Watch Negative as underwriting improves
18th September 2020
Fitch Ratings has removed Lloyd's of London's, Lloyd's Insurance Company (China) Ltd.'s, and Lloyd's Insurance Company S.A.'s Insurer Financial Strength (IFS) Ratings from Rating Watch Negative (RWN). At the same time, Fitch has affirmed Lloyd's and its two operating subsidiaries' IFS Ratings at 'AA-' (very strong), while the outlook is stable. At ... Read the full article
Remote working triggers rise in phishing attacks over Q2: Beazley
18th September 2020
The growing reliance on remote working due to the COVID-19 pandemic has triggered a rise in phishing and social engineering scams over Q2, according to specialist re/insurer Beazley. These kinds of email attacks had been on the decline from Q4 2019 to Q1 2020, but the arrival of the global pandemic ... Read the full article
Marine market sees modest recovery but future uncertain: IUMI
18th September 2020
The International Union of Marine Insurance (IUMI) has noted a modest recovery in the marine re/insurance market during the 2019 underwriting year, but warns that the future of the market remains uncertain due to the COVID-19 pandemic. IUMI estimates that marine underwriting premiums totalled $28.7 billion in 2019, representing a 0.9% ... Read the full article
Industry viewed pandemic risk through too narrow a prism: SCOR’s Kessler
17th September 2020
For the most part, pandemic had historically been viewed as a life catastrophe exposure, but the COVID-19 outbreak has shone a light on the potential impacts of a pandemic on the global property & casualty (P&C) sector. In a keynote held this morning as part of insurer and reinsurer SCOR's virtual ... Read the full article
Remote working to have lasting consequences for re/insurers: GlobalData
17th September 2020
Data and analytics company GlobalData believes that the increase in remote working due to the COVID-19 pandemic will have lasting consequences for the insurance and reinsurance industries. With remote working levels set to stay significantly higher than before the coronavirus crisis, /reinsurers will need to adapt to remote working being more ... Read the full article
Compre eyeing capital raise off COVID-19, market hardening
16th September 2020
Leading specialist legacy acquirer Compre is looking to raise additional capital in the face of increased legacy activity related to the COVID-19 pandemic and hardening insurance market. Compre says its current shareholders, private-equity firm CBPE Capital, remain committed to the business and support its management team's outlook. The existing team, led by CEO ... Read the full article
Covéa and Swiss Re reported on verge of arbitration over COVID-19 BI claims
16th September 2020
According to reports in the French press, insurer Covéa is set to launch an arbitration with its reinsurer, Swiss Re, concerning COVID-19-related business interruption (BI) losses of at least €500 million. Reports state that both Covéa and Swiss Re are in the process of selecting their arbitrators as tensions between insurers ... Read the full article
Zurich avoids pandemic-related BI payouts in High Court ruling
16th September 2020
The wordings represented by Zurich Insurance in the Financial Conduct Authority test case reportedly do not provide cover for business interruption in relation to the COVID-19 outbreak, a decision the insurer welcomes. Zurich says this decision is supported by the limited numbers of claims relating to policies with these wordings received to ... Read the full article
Lloyd’s welcomes FCA test case judgement
16th September 2020
Lloyd’s has welcomed yesterday's FCA’s test case judgement, describing it as having bought coverage clarity for many policyholders with certain non-damage business interruption insurance extensions. The financial regulator brought the case forward in May to seek legal clarity on whether insurers were obligated to pay out on BI claims ... Read the full article
QBE responds to UK BI test case ruling; expects to call on reinsurance
16th September 2020
In response to yesterday's ruling by the UK’s High Court that largely favoured policyholders in the Financial Conduct Authority’s (FCA)’s business interruption (BI) insurance test case, insurer QBE has said that it expects its reinsurance protection to limit the net cost to $70 million. In certain instances, yesterday's judgement favoured ... Read the full article
Hannover Re provides property cat reinsurance outlook
15th September 2020
Global reinsurers Hannover Re sees the COVID-19 pandemic as having added further challenges to a reinsurance market already distressed by successive years of major natural catastrophe losses. When it comes to property catastrophe business, this has resulted in an overall favourable trading environment for reinsurers throughout all renewals in 2020 so ... Read the full article
Insurers estimate additional COVID-19 BI costs after UK High Court judgement
15th September 2020
Global re/insurers have responded to the UK's High Court ruling in favour of policyholders on the majority of key issues, providing estimates for additional COVID-19 business interruption (BI) claims. Earlier today, the UK court passed its judgement on the Financial Conduct Authority’s (FCA) BI insurance test case, ruling in favour ... Read the full article
UK court sides with policyholders in COVID BI case
15th September 2020
The UK’s High Court has passed its long-awaited judgement on the Financial Conduct Authority's (FCA) business interruption (BI) insurance test case, ruling in favour of policyholders on the majority of key issues. The financial regulator brought the case forward in May to seek legal clarity on whether insurers were obligated ... Read the full article
CII underlines three measures to help avoid future FCA test cases
15th September 2020
The Chartered Insurance Institute has urged insurance professionals and government to act now to reduce the need for legal proceedings like the FCA’s business interruption test case in future. The re/insurance industry is anxiously awaiting a verdict from the UK courts later today about whether insurers will ultimately be liable for ... Read the full article
Global reinsurers COVID-19 asset-side hit “completely neutralized”, says WTW
14th September 2020
Analysis by insurance and reinsurance broker, Willis Towers Watson (WTW), reveals that the recovery in investment markets has "completely neutralized the asset-side hit" to the capital positions of global reinsurance companies. After some significant disruption and volatility within financial markets as a result of the COVID-19 pandemic, the capital positions of ... Read the full article
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